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Author Question: Table 8-24 Refer to Table 8-24.Suppose that a very simple economy produces three goods: pizzas, ... (Read 47 times)

piesebel

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Table 8-24









Refer to Table 8-24. Suppose that a very simple economy produces three goods: pizzas, haircuts, and backpacks. Suppose the quantities produced and their corresponding prices for 2011 and 2016 are shown in the table above. Use the information to compute real GDP in the year 2011 and 2016. Calculate real GDP in 2016 assuming the base year is 2011. Do the same calculation assuming the base year is 2016. Are the calculations different? Why?



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Marked as best answer by piesebel on Mar 16, 2019

janieazgirl

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